Indian shares edge up as financials gain; Reliance hits record highIndian shares edge up as financials gain; Reliance hits record high
People walk past the Bombay Stock Exchange building in Mumbai

By Sethuraman N R

BENGALURU (Reuters) – Indian shares edged higher on Friday, helped by gains in financial stocks and a surge in conglomerate Reliance Industries after Abu Dhabi state fund Mubadala invested in its digital unit.

The Nifty rose 0.5% to 10,075 as of 0444 GMT, while the Sensex was up 0.42% at 34,122.57. Both the indexes were on track for second straight weekly gains.

The Nifty 50 has risen 5.16% so far this week, after a similar rally last week.

“The market has not fallen despite big rally in the past few sessions and is sustaining above 10,000 levels, which is showing that there is still interest,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial in Mumbai.

“Big block deals have been absorbed quickly. There has been a lot of interest, especially from institutional players. Liquidity has been pretty strong, which is driving the market.”

Among individual stocks, Reliance Industries Ltd rose as much as 2.42% to hit a record high on Friday at 1,618 rupees after it said Mubadala Investment Co will buy a 1.85% stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).

India’s top lender by assets, State Bank of India, rose 3.22% ahead of its March quarter results later in the day, while the Nifty banking index gained 1.63%.

Larsen & Toubro Ltd was up 2.8% ahead of March quarter results, while Hexaware Technologies Ltd soared as much as 20%, after the IT firm said it was considering a buyout proposal from promoter HT Global IT Solutions Holdings Ltd.

Meanwhile, Asian stocks erased early losses on Friday and were poised for their biggest weekly rise since 2011.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)